Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I’d consider using some of my cash to pay down the mortgage when I refinanced.

It's a super affordable real estate market where you can still find deals that hit the 1% rule and positive cash flow/great cap rates.

This concerns me when you state it is cash neutral because if your underwriting is like most newer RE investors it would mean you are cash negative.  

Cash flow and transform the neighborhood.

The cash flow over a long hold is tightly coupled to appreciation. 

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details:After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

And my rental cash flow went from only $1500/month to 19k/month profit by taking on more loans and harvesting the equity in some of my properties including my primary.

At $1200 in rent, you will probably have negative cash flow. 

@Lexi Blocksom If the burden of holding the property outweighs the long-term gains, a 1031 exchange allows you to defer all taxes, and you won’t have to recapture depreciation.This option enables you to use the deferred tax benefits to purchase nicer properties in areas with greater growth potential.Once you complete your exchange, you can immediately do a cash-out refinance if you need access to some cash, tax-free.

part of the brrrr process is renting it. get it rented for better rates. 75% max cash out using the new value.